U.S. Stock Futures Are Lower As Investors Look for Insights On How Powell Will Curtail Inflationary Pressures
U.S. stock futures are lower: Chairman Powell will appear before the Senate Banking Committee today starting two days of testimony and investors will be looking for additional insights into how he will curtail inflationary pressures, economic outlook and monetary policy. Tomorrow he will present before the House Financial Services committee. Markets are down today in anticipation of possible recession with the futures and treasury yields lower & the Cboe VIX index increased by roughly 2.8% to 31.06. The 10y yield is at 3.21% compared to closing level of 3.28%. International markets are all down with a pull back from yesterday’s higher levels. President Biden wants a three-month temporary suspension of the federal gasoline tax with politicians worried about record high energy prices on consumers. He is scheduled to make an official announcement today at 2pm.